OXNARD — The city of Ventura is giving neighboring Oxnard a "gift" of about $2 million, the county Board of Supervisors is adding $17-million, and the Oxnard City Council will use the $19 million to help pay for site improvements at the TOLD Corp's $175-million Channel Islands Business Park being planned on 185 acres.
The Ventura council has approved transferring its allocation of industrial revenue bonds to Oxnard because it does not have any projects that could utilize the bonds. Oxnard's share of the county's revenue sharing bonds amounts to $17 million.
Oxnard's Acting City Manager Jim Fransden said the "Christmas presents" will enable TOLD Corp., a Newbury Park-based company, to sell the bonds to cover land acquisition costs and on- and off-site improvements for the industrial park, which is to be built in two phases, and is scheduled to be finished in about 10 years.
Fransden said that land acquisition costs will total about $10 million, and the public improvements will cost an estimated $35 million, "so the revenue bonds will help the project a lot." Plans for the business park, the largest of its kind in Ventura County, are going through the planning process following a public hearing and city council approval of the tentative tract map.